Financial Crisis in Far East & South East Asia

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Hidayat Ali Soomro

Abstract

In 1997, we have witnessed amazing and almost melodramatic fluctuations in global economic fortunes. Whereas the western economics lead by the United States and other G7 rich countries (with the exception of Japan) have continued their progress to further richness, with uninterrupted growth since the last several years, we have seen an unexpected fall of the miracle economics of East Asia. Countries like South Korea, Malaysia, Indonesia, and Thailand, which were referred to as miracle economics due to their unusually fast pace of growth and rapid industrialization in the last two decades, have collapsed at a speed even greater than their rise.

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